Gold extends gains for fourth day
Gold prices extended gains for the fourth straight session today rising by Rs 20 to Rs 19,145 per ten grams in the bullion market here on fair demand in view of the marriage season.business Updated: Jun 21, 2010 16:15 IST
Gold prices extended gains for the fourth straight session today rising by Rs 20 to Rs 19,145 per ten grams in the bullion market here on fair demand in view of the marriage season.
Silver also rose by Rs 50 to Rs 30,150 per kg on increased offtake from industrial units and coins makers.
The trading sentiment remained firm after gold rose to a record high of $1,263.90 an ounce in the international market, as investors bought the metal to protect wealth from Europe's financial turbulence and uncertainty in the global economic growth.
The gold in global market normally sets price trend on the domestic front.
The metal is heading for a 10th straight annual increase, the longest since at least 1920, amid speculations that debt-cutting measures by European nations will slow growth.
Standard gold of (99.9 purity) gained Rs 20 Rs 19,145 per ten grams, while gold of (99.5 purity) was higher by the same margin at Rs 19,045 per ten grams.
However, sovereigns held steady at Rs 14,725 per piece of eight gram in restricted buying.
In line with a general firming trend, silver ready rose by Rs 50 to Rs 30,150 per kg and weakly-based delivery by Rs 110 to Rs 30,030 per kg.
Meanwhile, silver coins continued to be sought around previous level of Rs 34,700 for buying and Rs 34,800 for selling of 100 pieces.